JPMorgan’s Blockchain Project Expands for Euro-Denominated Payments

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Introduction

• JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019.
• Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.
• JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain -based payment system, JPM Coin.

JPM Coin

In October 2020, JPMorgan launched JPM Coin as part of its Onyx Coin Systems platform. The JPM Coin is designed for institutional clients to make wholesale payments between accounts around the world using blockchain tech as the rails. So far, it has processed more than $300 billion worth of transactions making it one of the most used blockchains by a traditional financial institution.

Onyx Coin Systems

JPMorgan’s Onyx Coin System was created with the aim of improving quality and efficiency in wholesale payment transactions. As of April 2023, this platform has processed nearly $700 billion worth of short-term loan transactions.

US SEC Fines JPMorgan Chase

In June 2019, JPMorgan Chase was fined $4 million by US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018. Financial firms such as banks are required by US securities laws to keep business records for three years which were deleted by JPMorgan Chase resulting in a fine being issued by US SEC.

Conclusion

JPMorgan’s Onyx platform has experienced considerable success since its launch with euro denominated payments now being accepted through its use of blockchain technology. Despite this success, it is important that companies remain mindful of their legal obligations when dealing with confidential data or documents as failure to do so could result in significant fines being issued from regulatory bodies such as US SEC .